Business
Renewable Gasoline Company Bluescape Clean Fuels, LLC to Become Publicly Traded on NASDAQ via Business Combination with CENAQ Energy Corp. and be renamed Verde Clean Fuels, LLC
Bluescape Clean Fuels, LLC is positioned to be a leading supplier of gasoline derived from renewable feedstocks through the development of multiple facilities
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":"Bluescape Clean Fuels, LLC is positioned to be a leading supplier of gasoline derived from renewable feedstocks through the development of multiple facilities across the United StatesThe transaction is expected to provide the combined company with a minimum of $80 million in gross proceeds from a simultaneous PIPE financing with proceeds to be utilized towards construction of Verde Clean Fuels’ first commercial production facilityAfter CENAQ shareholder approval and closing of the transaction, the combined company is expected to have a pro forma enterprise value of $280 million and a pro forma implied market capitalization of $500 million assuming no redemptions by CENAQ shareholders HOUSTON, Aug. 12, 2022 (GLOBE NEWSWIRE) -- CENAQ Energy Corp. (NASDAQ: CENQ) (“CENAQ”), a special purpose acquisition company focused on energy and energy transition, and Bluescape Clean Fuels Intermediate Holdings, LLC (“BCF”), a private company positioned to be a leading supplier of gasoline derived from renewable feedstocks, announced today the signing of a definitive business combination agreement (the “Business Combination Agreement” and such transactions contemplated thereby, the “Business Combination”). Upon closing of the Business Combination, the combined company will be named Verde Clean Fuels, Inc. (“Verde Clean Fuels”), and is expected to become publicly listed on the NASDAQ under the symbol “VGAS.” Bluescape Clean Fuels Holdings, LLC (“Bluescape Holdings”), the current controlling shareholder of BCF, and a portfolio company of the Bluescape Energy Recapitalization and Restructuring Fund IV LP which is managed by Bluescape Energy Partners LLC, will remain the largest shareholder in Verde Clean Fuels following the closing of the Business Combination with ownership between approximately 46.5% and 66.9% depending on redemptions from the existing public shareholders of CENAQ. Founded in 2007, BCF has developed a proven and patented process to efficiently and economically produce gasoline from Renewable Fuel Standard (“RFS”) compliant renewable feedstocks. BCF currently has its initial 7 million gallon per year facility in development at a landfill site owned by Waste Management, Inc. (NYSE: WM and doing business as WM) in Maricopa, Arizona. BCF also has larger facilities in the initial stages of development in numerous other locations in the...